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World Business Today

News/Business. Colleen McEdwards, Pauline Chiou. The day's global business news with a focus on international business and market trends.

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CNN

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01:00:00

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U.s. 11, Pauline 11, London 10, Australia 10, Greece 8, Europe 8, Italy 8, Rebecca Brooks 7, Rupert Murdoch 6, Asia 5, Beijing 5, Us 5, Murdock 5, Cnn 4, Alcoa 4, China 4, Hong Kong 4, Portugal 3, Brussels 3, Ireland 3,
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  CNN    World Business Today    News/Business. Colleen McEdwards, Pauline Chiou. The day's  
   global business news with a focus on international business...  

    July 11, 2011
    1:00 - 2:15pm PDT  

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kitchen like diamonds. >> we have to wrap it now, but i may spend time with you, your call flurnd tequila. >> that's a fun evening. >> thank you so much. >> thank you. >> very entertaining. here are the i'm zain verjee at cnn in london. he's hoping to keep the crisis from spreading throughout his media empire and then endangering his planned takeover. some are calling for an emergency vote this week on delaying or preventing that takeover. a syrian government says it's a step toward democracy. a national dialogue meaning
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between the government and its arcty visits now in its second day but some opposition members are not attending and demanding that authorities end violence aimed at demonstrators. the white house has confirmed that it got will back $8 billion. they also say it's retaliation for pakistan's expulsion of u.s. military advisers. we're going to be getting an update on debt ceiling negotiations in the u.s. when president barack obama holds a news conference in just a few hours. he plans to meet with the republican and democratic leaders again on monday to try to come up with a deficit reduction deal. those are the headlines. this is cnn in london. "world business today" starts right now.
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hello, welcome to "world business today." i'm charles hodson in london. >> and i'm paula chu in hong kong. >> "news of the world" is climbing the corporate ladder with reports that rebeba brooks is set to speak to police. companies and consumers cry foul as australia's prime minister imposes a tax on the country's worst polluters. they're trying to keep greece on tack. their grossing fears of the debt contagion is affecting italy. >> before all of that, let's take you to the stock markets and the aftershocks from friday's dismal stock report. only 18,000 jobs had been added in jeune in the u.s., much lower than expected. so unemployment ticked up 209.2% in the united states and it was a similar scene in europe where the markets opened down. charles, where do things stand
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at the moment. >> well, we're one hour into trading and we're looking at losses, big concerns over the solver debt crisis. report in a german newspaper is speculating that england may have to be included the bailout. so the european debt crisis is extending beyond grease, portugal and ireland and potentially italy. this is where we're looking at the european stock markets. off by more than 1% with the paris cac. reasons do with the greek debt crisis. a move away from the partial default. london ftse where banks are affected but not quite so badly as in germany and france up by about quarter of a percent and the losses are 2/3 of a percent for the seger smi.
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we'll have more of that coming up. in terms of the currency markets, here we are, the main story here is that the euro remains under severe pressure, and i think that currency traders are talking in terms of the picture we've seen in recent weeks on the dollar coming to an end and that the dollar will remain in these kind of circumstances the safe haven currency. so looking at 1.5967. again, the pound under a lot of pressure. the euro, 1.4153 and 80.72. remarket stability for the yen dlafrmt pauline. >> well, charles, it hasn't been a great start to the week so far because in asia it's been a down week start. we've seen a hefty selloff. that's on the back of the dismal jobs rofrmt and yet another inflation rise in china. despite beijing's continued efforts to cool down price
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rises, especially food prices, china soared, so banking stocks slid across the region on worries about debt and also the european debt crisis, how that could spread to italy. in japan, a strengthening yen. you just saw the dollar yen skpancht it hurt exporters and automakers lost ground there. meanwhile in sydney, the investors absorbed a carbon tax plan. we'll have more on that in a few minutes. also the cam bonian stock exchange, this is interesting news, they have launched their operation this week, preparing for its official opening in december. meanwhile nestle of switzerland is preparing to sweeten its situation by acquiring a chinese company that makes baked goods and a popular cereal bar. it's worth $1.47 before.
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if approved the brothers will retain the remaining 47% of the company. let's take a look at the futures in the u.s. the major stock markets look set for a lower open right now when the trading week gets under way. you can see all the down aeros there. this week is the beginning of second quarter earning season which will kick off at ailco ya after the closing bell. futures looking down after the dismal showing, negative showing here in asia, and it looks like we're off to a pretty soft start in europe as well. charles? >> yeah, indeed. now, another one of the big stories that's been dominating the headlines in the uk and also the united states with a final headline that read "thank you and good-bye," the n""news of te world"" is no more and it's on
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the editor of rebecca brooks on the right with rupert murdoch on the left. she could be questioned by police today. les hinton told investigators in 2007 that the firm hiking was limited to one reporter. news internation nal said that that conclusion was based on an examination of 2,500 e-mails. but the shocking resch lagss continued to pile up and i suppose the rest is history and now media mogul rupert murdoch has flown no to take part in what is just a mench. he's trying to save the takeover of his british sky broadcasting known as b sky b. it does have the backing of news
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corps. despite that monday's independence says the deal appears, quote, dead in the water, pauline. >> well, charles, let's take a look at how all of this has affected the stock. it's dented news corps shares. it was one of the worst performing stocks on the sydney today, down 5.1%. at the close on this monday, it was selling at 15 aussie dollars. with the deal in question, it could slide even further. charles? >> don has been following this saga and joins us outside the house of commons. dan, what is the mood. is there a mood to stifle this whole takeover?
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>> reporter: well, it's interesting. the culture secretary jeremy hunt is reportedly taking this back to the regular later, asking them in light of all these allegations if they are now going to reconsider weather news corps is a fit and proper company to run a broadcast. one of the tests that has to be in place. that has sent b sky b's shares up, nose dieshing down 6.7%. it may be months before this goes ahead. separately, mps here are scrambling to get an emergency debate on the table, possibly that will happen on wednesday to discuss this takeover and there is speculation that a large number of the government's coalition partners, the liberal democrats may vote against this takeover going ahead. so i think there is a real
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momentum against this takeover at the moment down here in westminster. separately the from that there was also a meeting with the deputy prime minister this morning with millie's parents appearing. her phone was allegedly hacked into, and hue grant, another alleged victim of the "news of the world's" illegal activities. >> dan, what do we know about the movements of rupert murdoch. if anything, he's now landed to take charge of the crisis, a little belatedly some would say. what is he going do? is he going to meet with any of the victims or talk with rebecca brooks and find out what happened? >>. >> reporter: well, we're not getting middle east much information at all on what his movements are. i think the big question is will he meet prime minister david cameron. before all this blew up, david cameron and others would fly
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halfway around the world to see rupert mer dock. now it's the other way around. he's flown in here and is trying to save the crisis of his empire which seems to be growing every single day. t the "mirror" reporting victims of 9/11 may have been impacted by the "news of the world." and also the embattled chief executive of news international rebecca brooks had volunteered to be interviewed by the police. we don't know if and when that will happen. . but that would again move this up another notch. the big underlying question sis this. how far up the line in the company cothey go. they found e-mails from as far back as 2007 that these
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practices were going on. why were they only passed on in the past month. >> dan rivers joining us outside the houses of parliament in london. many thanks to you. pauline. >> charles, let's return to asia and the latest inflation and trade figures that came out recently. the latest trade figures suggest that the chinese economy is slowing down yet still facing run away inflation. this data was released over the weekend, a couple of days earlier than expected. now, june exports are up 17.9% compared to june of last year for a total of about $162 billion worth of exports. but this was still short of expectations. now let's take a look at the imports. imports were up 19.3% but still much weaker than expected, well short of may's annual increase of 24.8%.
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now, some analysts are saying the volume may have been the same of imports but imports were weaker by value because of lower commodity prices during the month. now let's take a look at this important number. inflation. inflation is up 6.4% compared to a year ago. this is a three-year high and well ore the official 4% target that beijing has set. these figures were released almost a week earlier than usual. a lot of them will say this was sort of a preemptive move because beijing knew this figure wasn't going to look too good. particularly food which has been in the double digits for a while. now it's up 14.4%. now, china is a purmtfully slowing down its growth because of rising prices and this is not an easy maneuver, not an easy combination to balance. beijing is wired about social unrest. so they're trying to get
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inflation down. gdp data is due out on wednesday, so we'll keep you posted on that. next up here on "world business today," we'll head to australia for a look at a plan to cut carbon emissions. some critics are saying a tax on polluters will end up making everyone play. that's straight ahead on "world business today."
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welcome back to "world business today." australia has unveiled the world's biggest carbon reduction plan outside of europe. at its core is a carbon tax that aims to lower the country's c02 output to 5% below 2002 levels. critics complain this will hurt exports and affect consumer prices but it's heralded as a big thing. ramy, what does this tax look like? >> thanks, pauline.
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tll are plans for renewable energies and energy efficiency, but it's this carbon tax that's getting a lot of attention and a lot of heat right now. basically it amounts to 23 aussie dollars or 25 u.s. dollar for tons of carbons. it's going to rise through to 2015 and 2015 we're going to see a market-based c02 scheme. this is going to target 500 worst polluters in retailing and mining. the ministry in australia attacked the attacks as a dangerous experiment with the economy. as the ceos of companies told me a $25 tax could cost as much as $30 billion for the industry and that that would be passed on. >> many businesses will
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obviously try to pass this cost on to consumers or else they're going to have to absorb it. the irony is the cost to actually drive into to other sources of energy just isn't there. and, you know, a lot of the, for example, talks of about tanks of $70 plus per on the to actually initiate that change and provide some sort of incentive -- >> and as you'd expect, shares in australia's major miners took a hit today. bhp billiton, the world's biggest mining company closed down at 1.15. rio tinto fell. meantime, qantas, the country's flagship carrier also fell. they fell -- basically in a statement the new carbon tax
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would add $3.50 to the price of each ticket. it closed down at 3.25%. virgin blue fell. it releases a statement saying higher fairs will be inevitable. there's a lot of fears that this will hit the pocket. but it does improve a billion dollar of tax cuts for both industries and talks of the tax. if approved it will go into effect july 1st of next year. >> so that offset koulgd be a nice compromise. ramy imocencio with the latest. charles. euro debt has issued number one. the finance ministers plan to meet today in brussels. another, a wider bailout practice. we'll have the inside track on all of that just ahid. with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers.
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you're watching "world business today" live here on cnn. >> you are european top policy makers are in brussels to discuss the plan of greece's second bailout packages. "financial times" are reporting that they're shifting on the issue of whether to allow a partial greek default. joining me here in london is cnn's emily.
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>> you're right. i suppose i've been speaking to families in the city saying european leaders have no option. they need greece to be able to survive within the euro zone and cutting the debt burden is at the heart of greece's problem and essentially defaulting is at it. i think this is a turn around and the market and european leaders feel it is the only really realistic approach to this problem. >> zbren again, a few days ago the french president nicolas sarkozy had a wonderful idea, the roll jofr over of greek bon. what happened to that idea. >> rolling over, basically, the problem with that is it doesn't really address the fundamental problem. okay, greece rolls over its debt, it doesn't have to go to
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the market for the next couple of years but it has nothing to do with the debt market. >> well, that's greece, but meanwhile, you know, this crisis spreads because apparently will's a report in the german newspaper that suggests that now italy might have to be included any future bailout practice and now the italian bank shares are tanking. again, what's going on? >> well, of course, one of the things that has put people off on the issue of defaulting is the world of con tay john. one i said the bangs could withstand a partial fallout. what they counsel stand is if it spread to other countries. people talk about portugal and ireland. italy, their economy has been in trouble for a while. the government is actually retracting. one of the things they're concerned about is there are structural problems within the chi which means it might not be
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able to meet its debt burden. if greece defaults, it makes it much more pressing. italy is the third biggest economy in the euro-zone. if that were to be effective, that's a whole new nightmare scenario. >> one shudders at that idea, but in interprets of just the choreography, what's happening, who's meeting who, when, where. >> they're meeting in brussels. the imf also talks about their latest report. the chi should start to grow by 2012 which could ease some of the praeshs but as i said before european leaders have no other option but to consider defall as the way forward. >> i'll hold my breath on that one. thank you very much. emily reuben joining me live. pauline. >> well, charles, while the euro-zone is trying to find a solution to its debt problems, the u.s. is working to avoid its own budget crisis. on monday talks resume between
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president barack obama and u.s. congressional leaders about raising the national debt ceiling. the government says if the deal is not reached by august 2nd, the u.s. will default on some of its borrowings. a u.s. default around the world at a time when many economists are struggling to get back on their feet after the global downturn. new imm chief christine lagarde warns of what she calls nasty consequences if there's no agreement. >> i can't malk for a second that the united states would default, but clearly this issue of the debt ceiling has to be resolved as otherwise there would be a high in industry rate and that would be a heavier burden to be born by all of the u.s. taxpayers at the end of the day. >> here's dan lothian now with a look at where things stand in washington. >> reporter: in the word of one
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democratic aide, no breakthrough yet, but president obama has called on congressional leaders to return to the white house on monday to continue negotiations with a view toward what could potentially both houses. the president also expected to hold a press conference. now, according to a democratic source who's familiar with the talks, president obama continued to press for a big deal, a so-called big deal, up to $4 trillion in spending cuts and tax hikes, the president believes that it's unclear, uncertain that anything less would actually work. no official readout from the white house, but for both sides, democrats and republicans, there were press releases. a spokesman for senate majority leader harry reid says he's firmly committed to getting most robust deal possible and he's committed to meeting every day until a deal is done, no matter how long it takes. and from house speaker john boehner, a spokesman i sag that he told the group, at least the biden group right now appears to
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be, quote, the most viable option in terms of moving forward, but still republicans are holding out, saying they want to see deep cuts as well as no tax hikes. that's the very latest from the white house. now back to you.
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from cnn london, i'm charles hodson. and i'm pauline chiou at cnn hong kong. welcome back to "world business today." well, let's recap our top story now. the "news of the world" may be consigned to history, but the scandal looks set to run well
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into the future as some 200 employees get used to being out of a job. attention, meanwhile, is turning people at the top. former editor rebecca brooks here with rupert murdoch is, according to uk media reports, likely to be questioned by police later today. she's been facing growing calls to step down. but also under scrutiny is les hinton, the news internationa s international's. and there's rue put murdock himself. there he is on the left with rebecca brooks. his latest concern is the mounting pressure on lawmakers to block his takeover of british sky broadcasting known as b sky b, pauline. >> it's not just the uk that murdock is having a tough time. as reported, the scandal is being felt across the globe including murdock's homeland of
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australia. it's having implications in australia where rupert murdoch began his global media empire. australian-born murdock took over the family business at the age of 22 following the death of his father. well, starting with just one newspaper, murdock went on to acquire dozens more, flounding "the australian." his holdings in australia, which make up 70% of the nation's media landscape, the most of any country in the world. now including eight of the 12 metropolitan dale is plus a 30% stake in "sky news australia." we'll be seeing more. japan relace add statement claiming that the behavior uncovered at the ne"news of the world" is an affront to good journalist and, quote, phone
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hacking is the an tif sis of -- antithesis of everything we stand for. it is a terrible slur on our craft. the leader of the nation's lead ground has acquired holdings, claiming it would be irresponsible not to look at the potential for similar operations to occur in australia. anna core anna coren, cnn, hong kong. we're going check on the european stock markets. they've been open for some minutes. here's where they stand. there have been losses, particularly the paris cac by 1%. we are seeing a lot of worrying about not only the u.s. nonfarm payrolls but the possibility of the debt crisis spreading beyond
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portugal and greece, and, of course, ireland and indeed beyond spain and italy, and that is affecting some banks. banks, be i the way, are the losers across europe. we'll look at the land stock exchange right now and we are seeing losses of about 2/3 of 1%, more than 2/3 of 1% with the big banks as they are across europe heading the loser boards. pauline. >> well, charles, we've also seen a lot of red here in asia, in fact, more red than green. the hong kong hang seng and the australian benchmark shed over 1.5%. concerning the carbon tax we heard about earlier, rio tinto calling it an unfair tax on exporters and also saying consumers will eventually have to bear the burden of higher costs. exporters have struggled in japan as the yen strengthened.
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in shanghai it climbed 0.2%. it seems like they shook off the high inflation numbers from over the weekend. >> yeah. let's see how much other bad news is going to be shaken a off, pauline, because right now the major stock markets in the united states look set for a lower open when the trading week gets under way. this week is the beginning of second quarter. so alcoa will kick things off. they will do it after the closing bell on monday. so here we are looking at really losses of more than half a percent for the dow and actually moving up toward nearly 1%, the losses for both the nasdaq cause posit and the s&p 500. >> let's take a look at the week ahead, shall we, from a slew of big named earnings in the u.s. and interest names in asia and debt crisis talks in europe.
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there's plenty to keep investors pz this week, so let's take a look at wa's on the agenda. we start on monday which is when second quarter earnings season unofficially starts. the dow with alcoa starts first. analysts do expect that alcoa will earn 32 cents a share. and then on tuesday, let's take a look at what's going happen then. the bank on japan wraps up its two-day meeting. analysts expect that the bank of japan will keep interest rates on hold at near zero percent, bank of japan having the lowest interest rates at the moment. then on wednesday, china's second quarter gdp will be released. growth is expected to fall, which is exactly what beijing wants. signs of a slowdown are showing already in the world's second economy. import growth fell to a 20-week low over the weekend and a lot of analysts are saying perhaps
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the volume of imports are the same as the previous month. it's just that the commodity prices made it look as if the import prices were lower. here's the thing, inflation is still at a three-year high at 6.4%. then before the bell on thursday, jpmorgan chase will report that its forecast had earned a share in the second quarter and google reports after the bell on thursday. analysts expect earnings of about 786 a share. then we look over to friday, july 15th, the result of banking stress tests are due in europe. more than 90 banks are involved here. now, this gauges the reaction to possible market shocks. and the point of these stress tests is to identify weakness in the financial sector, and previous stress tests had been criticized for not being stringent enough. charles? >> okay. well, let's get a preview of the week ahead on the global markets. joining me from the hague, chief
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economist and head of ing investment management. what do you think is going to be the most important thing if you like, certainly at the start of this week? will it continue to be that shocker of a new york/u.s. new farm payroll reports? >> i think the dynamics are resulting in -- focusing on that, whether it's the european sovereign crisis or debt ceiling, that's dominant for the first day, next day for probably the direction of markets. >> you were talking a little bit earlier on about what's going on and the latest idea of a partial deget, limited default for greece. is that likely to be acceptable for markets? do you think this kind of plan is going to avoid the kind of pang that we were told without be associated with any wholesale default. >> well, i thank is a big, big question mark, becauses the
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dynamics we're seeing, the fact that italy is being dug into it, is this plan which is shifting from a french proposal to a german proposal, which might be sold in a more dramatic restructuring of greek debt is far from comforting for managements. so there's clear risks there that the die namings will be quite negative on the back of these plans. >> okay. what do you think people would be looking for out of the meeting over the next day or two of eu finance ministers? what would they say that would reassure markets? >> well, i think, you know, if you look at this week, there needs to be a really convincing incredible story from the eu, and one of the things that is crucially important is that they somehow succeed in speaking with one voice. so what's clear and visible to politicians, for example, how to deal with this crisis, debt gap needs to be out. that could create more clarity
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and transparency. transparency is really a key dynamic, so if they are tough, if they are really providing a lot of information for investors to clear out the uncertainty in the financial sector in europe, that could also help. >> let's look at the earnings season which will kick off with alcoa in just a few hours time. what are we expecting out of that earnings season because i've seen suggests that we might see 13% growth, but this would be low and would not presumably support any progress in stock valuations going forward. >> yeah. thing there is a concern for us as well. i mean, of course, there's a lot of fundamentals with respect to a general level of earnings and the strength and balance sheets that still supports stocks, but overall what we see to this earning season is that the momentum in earnings and the degree of downgrades that we're getting is actually stronger than any of the previous earnings seasons over the last two years or so. so we are clearly concerned that
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in general the tone of this could be somewhat bigger than a lot of people in the market are anticipating at this stage. >> okay. valentyjn joining us from the hague. pauline. >> let's move to hollywood and talk about movies. the last "transformer" move held onto the top spot over the weekend generated an estimated $93 million. "transformers:walk of the moon" has brought in $645 million. after two weeks it's become the highest grossing move of the year so far. actor shia lebeouf stars in the action robot film which is the third in the series. "transformers" was followed at the box office by "horrible bosses" and "zookeeper,"
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followed by "cars 2" and "bad teach teachers" in case you were able to go to the movies, charles. >> i didn't. let's move on. now that the independent celebrations are over, the hard work begins, building institutions and building the economy and what happens now with its coveted oil fields? we'll have more ahead on wbt.
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business today." >> the world welcomed its newest nation over the weekend. south sudan is now getting down to the business of building a government after its independence became official in its new capital of juba. these are some of the celebrations in juba on saturday as the new country's flag was hoisted. south sudan was created as a result of a 2005 peace deal which ended decades of civil war. the north still simply known as sudan is facing.
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>> well, we've got some technical problems so left me just take over. i think pauline was just telling you that the north, still simply known as sudan is facing its own challenges after losing about three-quarters of its oil reserves in the separation. so what's next for the two nations and for the oil companies who are doing business there? cnn's reporter is live with news of juba. what are the challenges now, how to split the revenues between the north and the south. >> well, this is pretty much a divorce in name only. there has been no agreement on the sharing of it. the problem for the two nations is that while the majority of them in the south, the infrastructure is in the north, and the road to market is also in the north. so the only way for that oil to be marketable is for the two to
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continue to cooperate and wok together, even though they are no longer one country. and the other big concern that's being brought up here is how much oil is actually left. many are warning that the south of sudan that they could be only looking at 10 go 15 years of proven reserves and it really does appear that the south is trying to capitalize as much as possible on those reserves. we're told that they're going be actually viewing all of the contracts that had been signed when they were one nation and trying to see if they can strike better deals. this is what he had to say. >> we're going to review those contracts and then we'll divide it up. we'll divide it into two or three or four. we'll give them an area. we'll apply our resources. >> reporter: this pressing need for diversification is probably
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one of the reasons that the south is so rapidly courting the oil-rich nation. while they might have all the oil they need, u what they don't have is land. 90% of the country is fertile ag cull rat land and the country has 40%. so in the next few months we're going to see investors toward world to strie to see if they can join investors to take advantage of a lot of the other resources. charles? >> okay. nima el ba injure joining us live. many thanks to you coming up, the crew of the shuttle "atlantis." and the astronauts were given on experiment to do which probably wouldn't appeal to most people to say the least. ♪ read your mind ♪ we need your questions ♪ each and every kind ♪ every kind
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♪ will this react with my other medicine? ♪ ♪ hey, what are all these tests even for? ♪ ♪ questions are the answer ♪ yeah ♪ oh
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live from cnn hong kong and london, this is "world business today." welcome back. >> let's recap our top story. thank you and good-bye. the "news of the world" is no more. hundreds of job losses and public disapproval. there are cause for heads to roll. at the heart of it, of course, we see the former editor, rebecca brooks seen here just yesterday in london with the
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news corps boss rupert murdoch. she'll be questioned by police later today. we don't have any confirmation of that. meanwhile murdoch's takeover of b sky b is in the spotlight with calls for the deal to be stopped. but according to today's independent newspaper, the payment may be, quote, dead in the water. pauline. >> charles, as you might expect, many of the 200 or so former "news of the world" employees are less than impressed with the way they've been treat bud they did get the last laugh when the paper came out. it had several parting shots presumably aim at their bosses and this happened in the crossword puzzle. readers were treated to clues such as criminal enterprise and string of recordings as well as woman stairs wildly at calamity which seems to be thinly vailed
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at their boss, former ed kerr, rebecca brooks. it includes disaster, menace, deplo deplored, and bracket. the ironic part about this is the "news of the world" bosses apparently did anticipate the staff loosing the paper might pull something of the stunt using the pages in the paper so they called in some senior editorial figures from its sister paper "the sun," but apparently they just don't do the crossword puzzle. >> it would be too much to say it's much too intellectual for them so i'll refrain from saying that. they're testing a urine recycling system. it's turning its into a tasty sports drink. there are two filters in which astronauts inject their own urine. one call it one small step for
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man -- we won't go there. meanwhile the nasa administrator says the post-era will see budget cuts slowing things down at the space agency but not slowing things down completely. >> between 2014 and 2015 i'm very hopeful you'll see astro gnats climb back aboard and go to the international space station and not long after that start flying test hops on a nasa-led earth to explore beyond the orbit and go to deep space. sunday marked the last day as the final docking. they delivered supplies and spare parts to the station as one of its last chores in space. so the "news of the world" and the news from space or from the space shuttle both end at the same time, pauline. >> and i don't think i'm too
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thirsty after the story, charles. that's about it for us in this edition of "world business today." thanks for joining us. i'm pauline choiu in hong kong. >> and i'm charles hodson in london. good-bye for now.
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